NRE Rupee Deposit

Axis Bank offers NRIs the NRE Rupee Deposit. With Axis Bank NRE Rupee Deposits, you can now get higher interest rates and seamless repatriability on foreign currency with Indian rupee term deposits. NRE Rupee Deposits helps in convenient transfers with respect to any convertible currency. You also get a flexible tenure and a tax-free interest. Below we have listed down the different benefits of NRE Rupee Deposits:

Benefit from long term investments

Transfer funds to resident country easily

Earn tax-free interest

Interest earned not taxable in India

Withdraw money when you need it

Partial withdrawal of the deposits allowed with NRE Savings Account with Premature Encashment

For NRE Term Deposits of a contracted amount less than Rs 5 Crores opened/renewed, interest rate shall be prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or the contracted rate, whichever is lower.

For NRE Term Deposits of a contracted amount of Rs 5 Crores and above, interest rate shall be 1% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1% below the contracted rate, whichever is lower.

In case the NRE term deposit is closed prematurely, before completion of the minimum period of 1year, no interest shall be paid for the said term deposit.

# The depositor who returns to India for good will be allowed to continue the deposit till maturity of the deposit at the contracted rate of interest, if desired. However, except the provisions relating to rate of interest, such deposit would be treated as resident deposits from the date of return of the account holder to India and taxed accordingly for all other purposes.

Read More

Avail of overdraft facilities

Upto 85% of the deposit

Ensure easy operations

With the nomination facility

Get payment of interest on overdue deposits

The bank may, at its discretion, renew an overdue NRE or FCNR deposit or a portion thereof provided the overdue period from the date of maturity till the date of renewal (both days inclusive), does not exceed 14 days and at the time of renewal banks are required to apply the rate prevailing on the date of renewal or on the date of maturity, whichever is lower.

In case the overdue period exceeds 14 days, banks are free to fix their own rate for the overdue period if the entire amount or a part thereof is kept as a fresh deposit

Read More

Take a loan against your deposits

To Account Holder

For personal purposes or for carrying on business activities except for the purposes of relending, carrying on agricultural or plantation activity or of investment in real estate loan against deposit can be granted.

The loan should be repaid from fresh inward remittances or from NRE or FCNR deposit. The loan can also be repaid out of local rupee resources in the NRO account and in such cases commercial rate of interest should be charged.

Loan outside India

Banks may allow their branches or correspondents outside India to grant loan against deposits in favour of non-resident depositor.

Disclaimer

At your request, you are being redirected to a third party site. Please read and agree with the disclaimer before proceeding further.

This is to inform you that by clicking on the hyper-link/ok, you will be accessing a website operated by a third party namely Such links are provided only for the convenience of the Client and Axis Bank does not control or endorse such websites, and is not responsible for their contents. The use of such websites would be subject to the terms and conditions of usage as stipulated in such websites and would take precedence over the terms and conditions of usage of www.axisbank.com in case of conflict between them. Any actions taken or obligations created voluntarily by the person(s) accessing such web sites shall be directly between such person and the owner of such websites and Axis Bank shall not be responsible directly or indirectly for such action so taken. Thank you for visiting www.axisbank.com